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Bahrain’s sovereign wealth fund Mumtalakat has pumped $250 million into Russia’s fund for direct investments, a Russian official has reportedly revealed.

The Russian Direct Investment Fund (RDIF) is a $10 billion fund established by the Russian government to make equity investments primarily in the Russian economy.

According to Gulf Daily News, Russian foreign minister Sergey Lavrov told reporters on Monday that Mumtalakat has invested a total of $250 million into the RDIF and other projects worth $255 million (20 billion rouble) are in the pipeline.

He added that Russian firm Gazprom has stepped up efforts to increase cooperation with Bahrain on liquefied natural gas (LNG).

Lavrov was speaking during a visit to Bahrain by Russian president Vladimir Putin and his delegation this week.

Following the discussions between Putin and Bahrain’s King Hamad, a new committee is to be established to boost trade and economic cooperation on sectors including energy, industry, transport and infrastructure, GDN said. A draft agreement on such a committee is under consideration.

Officials also discussed the activities of the Russian-Bahraini Business Council, which holds regular meetings in Russia and Bahrain.

State news agency BNA said Putin and Hamad pledged to continue increasing cooperation between the two countries, deepening bilateral ties and working together to fight common threats such as terrorism.

“Bahrain is a key partner not only in the Gulf region but also in the Middle East,” said Putin. “We are happy to meet our Bahraini friends and discuss the overall regional and international situation with them.”

Last month, UAE ports operator DP World announced it had formed a joint venture with RDIF, DP World Russia, to invest around $2 billion in marine, dry ports and logistics infrastructure across Russia.